Pitney Bowes (NYSE:PBI) Stock Price Up 8.8% After Dividend Announcement

Pitney Bowes Inc. (NYSE:PBI - Get Free Report)'s stock price traded up 8.8% during mid-day trading on Thursday after the company announced a dividend. The company traded as high as $10.62 and last traded at $10.62. 1,920,584 shares were traded during mid-day trading, a decline of 16% from the average session volume of 2,276,239 shares. The stock had previously closed at $9.76.

The newly announced dividend which will be paid on Monday, March 24th. Investors of record on Friday, February 21st will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Friday, February 21st. This is a boost from Pitney Bowes's previous quarterly dividend of $0.05. Pitney Bowes's payout ratio is currently -9.17%.

Pitney Bowes Trading Up 0.3 %

The firm has a market cap of $1.92 billion, a price-to-earnings ratio of -4.84, a PEG ratio of 0.52 and a beta of 2.01. The firm has a 50-day moving average of $7.94 and a two-hundred day moving average of $7.42.

Pitney Bowes (NYSE:PBI - Get Free Report) last posted its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.16. Pitney Bowes had a negative return on equity of 12.85% and a negative net margin of 13.02%. As a group, equities analysts anticipate that Pitney Bowes Inc. will post 0.4 EPS for the current year.

Insider Buying and Selling

In other news, Director Paul J. Evans purchased 29,000 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average cost of $7.80 per share, for a total transaction of $226,200.00. Following the completion of the purchase, the director now directly owns 29,000 shares of the company's stock, valued at approximately $226,200. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lauren Freemen-Bosworth sold 42,308 shares of the business's stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $8.12, for a total value of $343,540.96. Following the transaction, the executive vice president now owns 18,664 shares in the company, valued at $151,551.68. This represents a 69.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,405,593 shares of company stock valued at $13,568,759. Insiders own 14.30% of the company's stock.

Hedge Funds Weigh In On Pitney Bowes

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. James J. Burns & Company LLC grew its stake in shares of Pitney Bowes by 9.7% in the 4th quarter. James J. Burns & Company LLC now owns 18,587 shares of the technology company's stock valued at $135,000 after purchasing an additional 1,637 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in shares of Pitney Bowes by 11.6% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 18,000 shares of the technology company's stock valued at $130,000 after purchasing an additional 1,878 shares during the period. First Citizens Bank & Trust Co. grew its stake in shares of Pitney Bowes by 10.8% in the 4th quarter. First Citizens Bank & Trust Co. now owns 20,677 shares of the technology company's stock valued at $150,000 after purchasing an additional 2,020 shares during the period. Federated Hermes Inc. grew its stake in shares of Pitney Bowes by 2.7% in the 4th quarter. Federated Hermes Inc. now owns 102,197 shares of the technology company's stock valued at $740,000 after purchasing an additional 2,711 shares during the period. Finally, Smartleaf Asset Management LLC grew its stake in shares of Pitney Bowes by 130.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,078 shares of the technology company's stock valued at $37,000 after purchasing an additional 2,873 shares during the period. 67.88% of the stock is currently owned by institutional investors.

Pitney Bowes Company Profile

Pitney Bowes Inc, a shipping and mailing company, provides technology, logistics, and financial services to small and medium-sized businesses, large enterprises, retailers, and government clients in the United States and internationally. It operates through Global Ecommerce, Presort Services, and SendTech Solutions segments.